A Coca-Cola building in Zagreb, Croatia, Nov. 8, 2023.
Denis Lovrovic | AFP | Getty Images
Coca-Cola on Tuesday reported quarterly earnings and revenue that beat analysts’ expectations.
The beverage giant also raised its full-year outlook for organic revenue.
Shares of the company rose less than 1% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: 72 cents adjusted vs. 70 cents expected
- Revenue: $11.30 billion vs. $11.01 billion expected
Coke reported first-quarter net income attributable to the company of $3.18 billion, or 74 cents per share, up from $3.11 billion, or 72 cents per share, a year earlier.
Excluding items, the beverage giant earned 72 cents per share.
Net sales rose 3% to $11.30 billion. Organic sales, which strips out the impact of acquisitions, divestitures and foreign exchange, climbed 11% in the quarter.
Coke reported that its global unit case volume increased 1%.
For the full year, Coke is now expecting organic revenue growth of 8% to 9%, up from its prior range of 6% to 7%. The company said it anticipates price hikes in certain markets experiencing “intense inflation,” leading in part to its new outlook.
Coke reiterated its outlook for full-year comparable earnings growth of 4% to 5%.
In the second quarter, the company expects that its comparable revenue will include a 6% currency headwind and a 5% to 6% hit from acquisitions, divestitures and structural changes. Currency fluctuations are also expected to pose a 8% to 9% headwind to its comparable earnings per share.
